LIC Nepal celebrates 21st Anniversary

Kathmandu: Life Insurance Corporation ‘LIC Nepal has entered 21st years of operation. The company launched its life insurance business on September 1, 2001.

In the same year, the Government of Nepal introduced two foreign life insurance companies Met Life and Life Insurance Corporation. Established as a subsidiary of the Life Insurance Corporation of India, the company alone has a 55 percent stake in the company. Vishal Group, the second largest shareholder after the corporation, owns only 25 percent.

In its two-decade’s history, the company has managed to deposit Rs. 81.06 billion in the life insurance fund. Looking at the dividends of the last 10 years, it seems that the company has managed to pay better dividends than other life insurance companies

The company has managed to increase its profit by 59.44 percent in the last fiscal year. The company has earned a profit of Rs.199 million in the last fiscal year.

The company has managed to improve its own premium earnings and total premium earnings by more than 14 percent. The company has earned Rs. 17.04 billion in net premiums and Rs. 17.14 billion in total premiums. The company has a paid-up capital of Rs.2.21 billion and a reserve fund of Rs. 648.7 million.

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